“The thing that we really focus on at Tesla is we really put all the money and attention into trying to make the product as compelling as possible, because I think that the way to sell any product is through word of mouth.

So, if someone gets the car, they really like it and… Actually the key is to have a product that people love.

Generally people, if they’re at a party or with friends or whatever, you’ll talk about the things that you love. But, if you just like something, it’s okay, you’re not going to care that much.” – Elon Musk

He later goes on to say, “That’s basically how our sales have grown. We aren’t… We’re not spending money on advertising or endorsements. And so if anyone buys our car, they just bought it because they like the car and you know it’s genuine.”

1. It’s all about creating a better product than others

Whether it’s a car, blog, YouTube channel, movie, etc., your goal should be to make it the best. Then, you share it with your true friends and they will spread the word through social media, word of mouth, and all other outlets.

2. You don’t need to blast ads and hire celebrities

Think about it. Do you buy stuff because you saw a bunch of commercials or because someone you know well and trust recommends it to you?

3. Find a problem that hasn’t been solved yet

If you read the book about Elon Musk’s life, you will learn that he generally creates businesses for certain reasons every time. Each business he creates, from SpaceX to Tesla generally has little competition and solves a major problem.

He tries to basically save the world in different ways through his businesses.

With Tesla, he saw climate change as a big problem and decided to make electric cars and solar roofs.

With, SpaceX, he saw a potential problem with the human race relying on one planet to survive, so he’s now trying to get to Mars to build a colony.

And, with Neuralink, he sees a potential catastrophe happening in the future with AI (artificial intelligence) taking over, so he’s working on combining humans with machines.

Even The Boring Company’s purpose is to improve lives by cutting down on traffic and travel times. Obviously, it probably won’t save the world like his other companies, but it’s still a great idea.

Going on the low competition, massive benefit to people’s lives model, you could come up with the next great idea.

4. This pretty much applies to every business

If you want to build a successful business, find your niche and create something better than your competition.

For instance, if you have a blog or YouTube channel, you can be the best by either creating better quality or a higher quantity content.

If you have a physical product to sell, make sure the quality vs price ratio is as high as possible. This is why the more affordable Tesla Model 3 has created so much buzz.

Let me know what you thought about this post, your questions for me, and suggestions for future content you’d like me to make in the comments section. I’d love to hear from you!

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